Bank of Greece Governor: Full confidence in Government

(GREEK NEWS AGENDA) Georgios Provopoulos, the Governor of the Bank of Greece’s, said (on February 22) – in an interview with Bloomberg in Athens – he is confident that Greece will achieve its “very ambitious” deficit-reduction goals and avert further credit-rating downgrades.
Rating agencies “want evidence that the plan is being implemented on target” and “some time will have to pass before they can form a better judgement,” said Provopoulos, who is also a European Central Bank council member.
“I have full confidence in the government meeting its goals. They have to succeed.
And they will, I’m sure of that,” he stressed, adding that he takes the commitment of European governments to stand by Greece at face value. The lack of a detailed rescue plan isn’t disappointing, he said. 
Bloomberg.com: Provopoulos Confident Greece Will Meet

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Greece: Economy & Finance

BoG Governor on Budget Deficit

The strong parliamentary majority of the new government will enable it to move ahead with much needed reforms in the economy combined with a growth agenda, Bank of Greece Governor George Provopoulos said  October 6.  Speaking on the sidelines of the annual meeting of the International Monetary Fund and the World Bank in Istanbul, Provopoulos also warned that the budget deficit will be considerably higher than 6%, possibly reaching 10% of the GDP for 2009. Brussels is expected to publish its own estimates on the Greek budget and economy in the Commission’s fall report on November 3.  Kathimerini daily: Deficit seen above 10pct mark

Investing in Gold

European Goldfields, a Canada-based resource company involved in the exploration, acquisition, mining, and development of mineral properties in Greece, Romania and South-East Europe, has won preliminary approval to develop two projects in the Olympias and Skouries mines, in northeastern Greece. It is expected that an output of 420,000 ounces of gold from 2012 onwards, will double current European gold production.  Kathimerini daily: Gold mine projects move ahead

Greek Bank Finances Climate Change Study

(GREEK NEWS AGENDA)  A committee of experts and academics from all relevant fields will carry out a study on the long-term economic, social and environmental repercussions of climate change on the country’s economy, Bank of Greece Governor George Provopoulos said yesterday (16.6). The study, which will be funded by the central bank, started being drafted in March and is expected to be completed in two years time.  Professor Constantine Drakatos, a member of the Academy of Athens will head the committee, in which a number of Greece’s most prominent scientists will be participating on a voluntary basis.   The project will not only give useful insight on the economy, Drakatos said, but will also mark the beginning of a permanent system of monitoring the environmental consequences of economic and political decisions.   Bank of Greece: Press Release (in Greek); Kathimerini daily: Bank funds climate change study

Greek PM: Stability Plan Fulfills Current Needs

(GREEK NEWS AGENDA)    Referring to the current economic crisis, Prime Minister Kostas Karamanlis on Tuesday February 17, underlined that the government’s updated Stability and Growth Programme was “clear, specific and responds to the needs and demands of the times.”  The premier made the comments in response to the positions outlined in the report released on Monday by Greece’s central bank governor George Provopoulos. The premier said that nobody could predict with any confidence the duration of the major global crisis now unfolding. He said the government’s plan was based on three main lines of policy: gradual reduction of the public deficit, boosting the real economy and supporting the weakest members of society. He emphasised the need for a calm and responsible approach, coupled with a spirit of national consensus, in order to weather the crisis. Ministry of Economy and Finance: Fact Sheets 

Bank of Greece: Long-Term Reform Plan

(GREEK NEWS AGENDA)  Fiscal restructuring and the “need to apply long-term policy measures that would cure chronic imbalances and structural weaknesses” of the economy should be top priority for Greece, Bank of Greece (BoG) Governor George Provopoulos said on Monday (16.2). Presenting the central bank’s report on monetary policy, Provopoulos said that economic growth will slow to 0.5% this year, inflation will fall to 1.8% or lower, while the current accounts deficit is projected to fall below the 14.5% of GDP it reached in 2008 and to start climbing again along with the economy’s recovery. The central banker stressed that Greece’s fiscal deficit must fall below 3% of GDP this year with the aim of falling to zero by 2012.

Bank of Greece: Structural Reforms

(GREEK NEWS AGENDA)  Speaking at an event organised by the Foundation for Economic and Industrial Research (IOBE) on Monday, Bank of Greece Governor George Provopoulos emphasised the need for an extensive framework of structural reforms, mainly in the wider public sector, pointing out that for as long as Greece’s monetary issues continue to shake investors’ and markets’ confidence, the economy will not be restored easily. Provopoulos also underlined that the Greek banks remain healthy and strong and their fundamental indices are satisfactory.  The IOBE event celebrated the enactment of the “IOBE Excellence” to be awarded to people for contributing to the economy with their overall activity, as well as the establishment of a new, annual event at which a distinguished personality from Greece or abroad will address current or structural problems of the Greek and international economy. Bank of Greece: Speech by Governor George Provopoulos (in Greek)